Canaan Stock Jumps 25% on Largest Bitcoin Miner Order in 3 Years

In brief

Bitcoin miner manufacturer Canaan said Thursday that it has landed an order for over 50,000 rigs.
The order, from an undisclosed U.S. customer, is the firm’s largest single order in the last three years.
Canaan shares surged in early trading Thursday following the announcement.

Canaan Inc., a Singapore-based cryptocurrency mining equipment manufacturer, announced Wednesday it has landed its largest order in three years: more than 50,000 Avalon A15 Pro Bitcoin mining machines from an unnamed U.S. customer.

The firm’s shares, listed on Nasdaq under the ticker CAN, quickly spiked in price to a recent mark of $1.30, per Yahoo Finance—a 25% jump on the day, and the highest price seen since February.

The purchase order, disclosed in a company statement, marks a notable milestone for the firm as institutional demand for Bitcoin mining infrastructure rebounds. The machines are scheduled for delivery in the fourth quarter of 2025. Canaan did not disclose the customer in question.

“This milestone order represents a significant win for Canaan and reflects the robust resurgence of the U.S. market,” Canaan Chairman and CEO Nangeng Zhang said, in the release. “It highlights not only the strength of our Avalon A15 Pro but also our deep commitment to serving customers worldwide, with a particular focus on building long-term partnerships in the U.S. market.”

Bitcoin miners have been on the rise over the last week, not only in tandem with the rising price of Bitcoin itself—which was nearing $120,000 Thursday morning for the first time since mid-August—but also following a pair of recent, high-value moves by the Google-backed miners, Cipher Mining and TeraWulf.

JP Morgan said in a report Wednesday that the top 14 publicly traded Bitcoin mining firms in the United States reached a peak combined market cap above $50 billion for the first time in September. Beyond Bitcoin’s own rise, mining companies are benefitting for demand for high-performance computing to power AI and other applications.

Bitcoin mining is a costly and energy-intensive process that secures the top crypto network while providing incentives for supporters in the form of newly minted Bitcoin. Many miners these days are large-scale, industrial operations housed in warehouses, and these firms upgrade their hardware to more powerful and efficient rigs as Bitcoin mining difficulty gradually grows over time.

The Avalon A15 Pro represents Canaan’s latest-gen mining hardware, designed to offer what the company describes as industry-leading efficiency and reliability—critical factors as power costs increasingly determine mining profitability.